Business Incubators Building Economy
Posted by ThePlus - 06.30.2011
Start-ups are the future of the American economy. Considering two out of every three new jobs are created by small businesses,* innovative new companies are becoming more important than ever before. Helping spur the development of small businesses are business incubators, which provide the resources new organizations need to get off the ground. In Northeast Ohio, incubators are taking a leading role in developing our entrepreneurs, placing The Plus on the cutting-edge of economic development.
Continue reading to learn about some of the region’s unique business accelerators and programs, which are helping to revolutionize the future of Northeast Ohio.
+Youngstown Business Incubator- Led by CEO and “chief evangelist,” Jim Cossler, the Youngstown Business Incubator (YBI) is turning the Mahoning Valley into a “bustling hub of software innovation.” Youngstown, which was once known as a steel capital, has since become a major player in software development. In fact, “the eight companies housed at the incubator's downtown campus brought in more than $60 million last year in global software sales.”
Portfolio companies like Turning Technologies, Zethus Software and many more are proving that Youngstown has what it takes to compete in the software development space. In fact, in 2007, Turning Technologies was named by Inc. Magazine as the fastest growing privately held software company in the U.S.
+Web site: www.ybi.org
+Akron Global Business Accelerator – Since 1983, the Akron Global Business Accelerator has been instrumental in developing “technology-based entrepreneurial innovation.” Working in high-tech industries like biomedicine, advanced materials, alternative energy and information technology, the Accelerator has helped grow innovative and successful companies such as Summit Data Communications, Echogen Power Systems, NI Medical and more.
Summit Data Communications, for example, was recently named the Fastest Growing Computer Hardware Company in the Midwest, while Echogen recently attracted a $10 Million investment by a large industrial manufacturer. Together, these innovative companies represent the future of Northeast Ohio’s economy.
+Web site: http://akronaccelerator.com/
+Minority Business Accelerator 2.5+ - Helping grow the size, scale and infrastructure of African American- and Hispanic-owned enterprises (MBEs) is the Minority Business Accelerator 2.5+, an initiative of the Commission on Economic Inclusion, which is a program of the Greater Cleveland Partnership. Serving the 16-county area of Northeast Ohio, the Accelerator focuses on MBEs generating annual revenues of at least $2.5 million. The accelerator has been instrumental in creating more than 249 jobs, securing $2.2 million in lines of credit and bonding and identifying more than $793 million in business opportunities.
Complementing the Minority Business Accelerator 2.5+ is the newly launched Minority Business Center. Focused on companies with $100,000 or more in annual revenue, the center's first-year goal is to help MBEs create 70 jobs and generate $20 million in new revenue.
To learn more about these initiatives, please follow the links below.
+Minority Business Accelerator 2.5+
+Minority Business Center
+Bizdom U – Launched in May 2011 by Cleveland Cavaliers’ owner, Dan Gilbert, Bizdom U Cleveland “is a comprehensive, non-profit, entrepreneurship boot camp that trains, mentors and partners with aspiring entrepreneurs to launch and grow successful businesses.” The four-month program creates a real-world experience for local entrepreneurs who are tasked with crafting a business plan that can be implemented in Cleveland’s downtown core. If the entrepreneur’s business plan is approved, they can receive up to $100,000 in start-up funding. This innovative approach to entrepreneurship aims to further develop Northeast Ohio’s growing economy.
Applications for the Cleveland program are currently being accepted. The deadline for submission is July 27, 2011. For more information, please visit http://www.bizdom.com/apply.
+JumpStart – JumpStart began in 2004 when civic, community and philanthropic leaders came together to create economic transformation in Northeast Ohio. JumpStart invests in high potential companies while providing entrepreneurial assistance. The coaching arm of JumpStart is led by former successful entrepreneurs who know what it takes to build a business from the ground up.
In 2010, JumpStart helped 79 unique companies attract $234 million in investments by venture capitalists. This is more than double the amount attracted in 2009. Results like these continue to make JumpStart a major economic driver in Northeast Ohio.
+Web site: www.jumpstartinc.org.
+MAGNET Innovation Center – Founded in 2005, MAGNET’s business incubator provides support to technology-orientated companies in the areas of management, business review, networking and product development. As a vital player in the entrepreneurial community, MAGNET’s Product Development division was named a Center for Excellence in Product Innovation by the Ohio Department of Development.
Assisting dozens upon dozens of innovative entrepreneurs throughout the region, the Innovation Center is proud to be support companies like Vadxx Energy and Cleveland Whiskey. The innovators at Vadxx Energy manufacture synthetic crude oil, natural gas and recover metals using raw material feedstock consisting of petroleum-based wastes. Cleveland Whiskey, on the other hand, is an innovative science/technology and marketing focused start-up with a patent pending proprietary process to dramatically accelerate the natural processes of aging and maturation for distilled spirits.
Vadxx and Cleveland Whiskey are just two examples of the many innovative companies housed at the incubator’s 85,000 square-foot facility. For a complete list of Incubator tenants, please click here.
+Web Site: www.magnetwork.org/consulting/incubator.htm
+LaunchHouse – LaunchHouse, the newly formed business incubator located in Shaker Heights is already making an impact. When the incubator was launched in early June, their kickoff event drew more than 600! Operating out of what was once a car dealership, LaunchHouse is a “new public-private partnership that fosters entrepreneurial success and job creation through seed capital, education and innovation.” LaunchHouse targets software and disruptive technology companies and invests anywhere from $2,000 to $10,000.
+Web site: http://launchhouse.com/
+BrainTree – Located in Mansfield, BrainTree provides low cost operating opportunities for new to market and small businesses. Its tenants include an array of innovative companies such as Cahara Fluid Power, Dakota Graphics, Graywacke Engineering, Hess Industrial and Integrated Business Solutions. While BrainTree assists businesses across all industries, it has a special focus on bringing cutting-edge technology to the marketplace.
+Web site: http://www.braintreepartners.org/
Together, these business incubators and accelerators, along with the many economic development organizations, are helping to establish Northeast Ohio as a prime destination for entrepreneurs. Click here to learn more about entrepreneurship in The Plus and to see the entrepreneurial ecosystem at work.
*Obama Spreads Innovation Agenda to Middle America
Go Back